Reading-based consultancy receives £11.6 million investment

18 March 2019 Consultancy.uk

Active growing business investor BGF has invested £11.6 million in Reading-based Invenio. The UK-headquartered firm is a global provider of business-focused technology solutions and consulting services, and will use the funds to support its continued growth ambitions. Five consultancies and one law firm were involved in advising on either side of the deal process.

Founded in 2006 and headquartered in Reading, Invenio provides consulting services and technology solutions for organisations in the media, manufacturing & logistics, and public sector verticals. It has over 750 employees working for customers worldwide with delivery centres across the UK, India, Mauritius, Saudi Arabia, Fiji, UAE and USA. It delivers transformation projects and technology solutions to a global client base, including Universal Music Group, Kuehne & Nagel, the BBC and the Fijian and Saudi Tax authorities, while SAP named Invenio as a leading partner for tax and revenue management and the media industry.

Now, as Invenio looks to expand its global footprint, the technology solutions and consulting services provider has secured an investment of £11.6 million from BGF. The investor was established in 2011, and has since invested more than £1.8 billionn in over 260 companies, making it the most active investors in the UK and globally by number of transactions, while on average, it invested in one company per week over the course of 2018. The sum which Invenio has received from BGF will help the business scale by expanding its offering, improving its services and growing through acquisition.

Reading-based consultancy receives £11.6 million investment

BGF’s investment team was led by Alex Snodgrass, Jack Teasdale and Tim Rea. At the same time, six professional services firms advised on either side of the deal. Advisory and auditing firms Wilson Partners and Field Seymour Parkes advised BGF on the transaction, while Invenio was supported through the deal by advisors from consultancies PwC, CILRSM and legal firm WBD.

Arun Bala, CEO of Invenio, said, “Invenio was set up on the core values of exceptional customer focus, deep industry and technology expertise, transparency and employee care… We are delighted to have BGF on board for the next stage of our journey and are looking forward to making the most of the team’s expertise in this space. BGF’s investment will help us continue to invest and grow to meet demand, whilst keeping control of our business and staying true to our values.”

Alex Snodgrass, an investor at BGF who will join the board of Invenio, said, “Invenio is a fantastic, fast-growing business which has created a market-leading position and a loyal and constant customer base. Arun and the team have exceptional deep domain knowledge and experience, and we’re delighted to be a part of this exciting next step for Invenio as it grows to meet demand on a global scale.”

More news on

×

PA Consulting results reveal record 14% revenue growth

17 April 2019 Consultancy.uk

Global professional services firm PA Consulting has reported another year of strong growth, outpacing the global consulting market significantly over the duration of 2018. PA’s revenue boomed by 14%, passing £455.8 million over the course of the year.

Founded in 1943, by Englishmen Ernest Butten, Tom Kirkham and David Seymour, the firm once known as Personnel Administration has since gone on to become one of the largest consulting firms in the world. PA Consulting Group, as it is now known, has over 2,600 professionals and a global presence spanning 18 countries. While turnover took a decade to recover from a rocky spell after the global financial crisis, PA Consulting is now firmly on the upward incline.

PA has booked strong growth in recent years, following its securing of private equity investment from the Carlyle Group in 2015. While the first full year of results following that move were slightly muted, due in part to the altering of how PA measured its results, the decision has clearly paid dividends since. Revenues jumped by 6% in 2017, hitting an all-time high of £400 million in the process.

Annual consulting revenues of PA Consulting versus UK market

Now, in the latest chapter of the firm’s rapid turnaround, the innovation and transformation consultancy has revealed things only got better in 2018. A set of record results released in April have confirmed that fee income rocketed up by 14% over the course of the prior 12 months, hitting £455.8 million. Considering the UK’s consulting market saw growth slow for the second year running (just 5.6%), PA’s performance is even more pronounced, especially in its first year of full results since influential Chair Marcus Agius stood down. 

The firm is also outpacing the global consulting market. Analytics firm Statista estimates that the consulting market expanded by 4.08% in 2018. As a result of such bullish demand, PA Consulting has also bolstered its staffing, boosting its consulting team’s headcount by 10% in the space of 12 months. 

PA’s team was further strengthened with its continued acquisition campaign, which brought three new firms into the fold during 2018. Boston-based innovation company Essential Design, specialist digital service design firm We Are Friday and London-based digital insight and strategy consultancy Sparkler all became part of PA over the course of the year. PA has also announced plans to recruit 400 professionals for its new digital centre in Belfast. 

‘Not traditional’

In terms of client work, in the UK PA supported Skipping Rocks Lab to create an edible alternative to single use plastic drink packaging, and worked on a notable restructuring project at disability charity Scope. Further afield, PA helped Norwegian authorities deliver their citizen-facing digital services, while in the US and India, PA partnered with Virgin Hyperloop One to build the first new mode of transport in a century, one that hopes to revolutionise travel. It even worked with United Nations to identify the technologies most likely to contribute to the achievement of the organization's Sustainable Development Goals.

Commenting on the year’s performance, Alan Middleton, PA Consulting CEO, said, “We’re not a traditional consulting firm and we think this is key to our ongoing success and why 98% of our clients recommend us… Our people are strategists, technologists, digital experts, consultants, designers, scientists and engineers – all of whom bring real-world experience, and apply it at pace. We offer the innovation, design, digital and transformation skills that our clients need to change, fast. There’s a sense of optimism behind our purpose. And it’s a feeling that inspires our people as well as our clients.”

The existing staff of PA also enjoyed a bumper year, as it was revealed that a refinancing manoeuver at the firm was expected to land over 1,000 employee shareholders a significant pay-out. The firm’s debt, which includes vendor loan notes put in place when Carlyle purchased the firm, is set to be refinanced in a deal worth £350 million.